The rating of Alp Jamol Bank reflects high reputation and image of the bank, strong position in corporate services market, high quality of assets and good risk-management level, balance liquidity position, as well as support of shareholders and adequate capitalizations, positive financial results in 2008 and third quarter of 2009.

The rating takes into account risks connected with fast assets, geographic concentration of the business in Tashkent region and relatively small capitalization concerning scales of he bank. In the context of the growth of business scale, financial results of the bank are improving stably.

At the same time, the agency believes in near future, the profitability can be impacted by possible growth of deductions to credit devaluations in connection with high crediting growth.

Alp Jamol Bank demonstrated sound financial results in the analyzed period, the agency said. Taking into account positive growth of financial results, Ahbor-Reyting believes that the bank’s profitability will increase further as far as the growth of business volume and development of new directions of the activity. The profitability will also depend on ability of the bank to control its credit and operation expenses.

Assets quality was evaluated as good, the agency said. AT the same time, the loan portfolio is significant, despite decrease in past several years. Level of bad loans and loan write-off is low compared to business scale. Alp Jamol Bank actively issues loans to legal entities and individual businesses of all form.

Capitalization of Alp Jamol Bank evaluated as adequate compared business scale. Alp Jamol Bank is planning to raise charter capital in 2010 to 12 billion soums via additional emission of shares.

During past three years, the ratio of own capital to assets of the bank almost did not change. At the end of third quarter of 2009, the capital adequacy and Level 1 capital made up 11.9% and 15.9% respectively. Taking into account shareholders’ support and growth strategy, Ahbor-Reyting thinks that the adequacy figures will be higher compared to regulatory norms in near future.

Liquidity position of Alp Jamol Bank was evaluated as balance. In line with financial reports of the bank, main part of loan funding is received due to resources of customers. The bank proved high flexibility in funding and structure of funding sources and differs from the majority banks with good diversification level. At the end of 2008, the bank has acceptable level of assets liquidity – 38.4% (34.5% - 3Q 2009) and liquidity position assesses ad favourable.